Retail Banking News Updates, November 21st 2012

Westpac launches retail banking ops in India
Australia’s Westpac has opened its first branch in India that will offer wholesale and retail banking services including trade finance, deposits and remittances. The Mumbai branch will also offer savings and current account, foreign exchange and treasury services. Westpac was awarded a full banking license in April 2012.

Morgan Stanley to sell Indian private bank
Morgan Stanley will sell its Indian private wealth management unit, which manages about $1 billion including loans. The bank is exiting the Indian retail scene, which is a particularly difficult market due to cut-throat competition, high staff costs, weak markets and limited product offerings after just four years.

Sacombank and JCB launch credit card in Vietnam
Vietnam’s Sacombank and JCB International have launched a JCB credit card in Japan which gives special privileges to car owners.  Card holders can enjoy promotions and discounts when purchasing car-related services as well as discounts in selected shopping and dining spots.

Re-disseminated by The Asian Banker